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74 MINICIPAL LAW.
debentures to be issued thereunder is subject to consolidation, and no
specific date need be fixed for their issue.
Consolidated debentures cannot be issued to cover debentui'es already
issuetj or .sold under an orii,nnal V)y-law.
3411. Mode of Transfer. Councils may place the following provision
in delieiitures
" This ilebenture, or any interest therein, shall not, after a certificate of
ownership has been indorsed thereon by the Treasurer of this municipal
corporation, be transferable, .'xoept by entry by the Treasurer or his deputy
in the Deljenture Registry Book of the said corporation at the town (or vill-
age) of ," Of to the like, effect.
1144. Debenture Registry Book. The Treasurer is lequired t(j keep
a debenture registry book in which he shall enter a copy of all certificates
of ownership of debentures which he may give ; and, also, every subse-
quent transfer. No entry of transfer nuist be made except upon the
written authority of the per,son last entered in such book as owner, or of
his executor, administrator or lawful attorney, and .such authority must be
retained and filed.
;M5. Borrowing for Current Expenditure. The Council may l>y
by-law authorize its acting head and the Treasurer to borrow such sums as
may be necessary to meet current expenditure until the ta.xes etin be
collected. The by-law may fix the amount to be boriowed, an<l define the
notes or other covenants to b? given as .security.
The sum so borrowed anil outstantling imist not in a case of a muni-
cipality, other tlian a county, exceed eighty per cent, of the amount
collected as taxes for current expenses for the preceding year : and in the
case of a coinitv the amount .so hori'owed and outstanding nuist not at any
time exceed the amount to be raised and paid over to the county' by the
local nnniicipalities therein for ordinary expenditure for c<Mnity purposes
for the current nnnncipal year. If the Council, in either case, Imutow a
larger sum than that, the members who voteil for it .shall be disipialifieil
from holding any municipal office for two year.s.
340 Borrowing for School Purposes. The Council have similar
powers (as given in preceding section) to Itorrow money required by th«'
trustees of public schools or the trustees of a high .school within the
municipality. The sums borrowed nnist not exceed the estinuites sub-
mitted by such .schools as required by the School Acts.
IW3. $100 Minimum Value. Unless specially authorized so to do,
no C'ouncil is permitted to give any liond, note, or other security for a sum
l(iss than !?1()0. Any such paper for a smallei- sum is void.

(iENKRAI. JUKLSDU'TION OK COUNC^ILB.
IMH. 1. No Council has jurisdiction beyond the municipality it repre-
sents, except where authority is expressly given.
2. The powers of the Council shall be exercised by by-law, except
where otherwise authorized or provided for.